Global Healthcare Information Exchange Market - Segmented by Implementation Model, Setup Type, Application, Exchange Type, Component, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global healthcare information exchange market is expected to register a CAGR of 10% during the forecast period, 2018 to 2023. Healthcare Information Exchange (HIE) is transmission of healthcare information electronically among healthcare professionals, Healthcare information organizations, and Government agencies within a region according to national standards.
Growing Demand for Healthcare Data Exchange
Health information exchange allows doctors, pharmacists, nurses, healthcare providers, and patients to access and securely share the patient’s medical information electronically, improving the quality, safety, speed, and cost of patient care.
Despite the availability of electronic data transfer, medical information of most of the Americans is stored either on paper, in boxes, or folders at their homes. The patient’s medical history and records are shared either by mail, fax, or by the patients themselves who carry them from appointment to appointment. While HIE cannot replace the patient-provider communication, it is capable of improving the management of a patient’s medical history, and other important information that can be reviewed during visits. Therefore, owing to these factors, the demand for collaboration between healthcare data among hospitals and other patient care centers, is accelerating. With the growing demand for data exchange, the healthcare information exchange market is expected to accelerate at a rapid, during the forecast years.
Other factors, such as government support in creating infrastructure for data exchange, and rising investment from government, private institutions and individuals, are driving the growth of the healthcare information exchange market.
Data Privacy and Security Concerns
According to the EHR interoperability survey conducted by Software Advice, 50% of the consumers are concerned over potential privacy violations, with regard to electronic records sharing, Only 39% of the consumers have providers who directly exchange records, and 25% delivered paper copies, and over 46% of the consumers would want their doctors to directly exchange the records, therefore, eliminating the privacy and security concerns regarding a third-party provider. Thus, privacy and security concerns are hindering the growth of the healthcare information exchange market. Other factors, such as huge initial infrastructural investment and slow return on investment, are also hindering the growth of the market.
Asia-Pacific is Expected to Grow with High CAGR
The Asia-Pacific region is anticipated to witness high growth in the healthcare information exchange market, due to the growing patient population, which demands improved information systems for the effective data management, as well as the increasing healthcare expenditure in Asia-Pacific countries, such as China and India.
Key Developments in the Market